Major European banks probably need a 500 billion euro transfusion to write down their debt holdings of weak sister paper from Spain, Italy and Greece.

FORBES: Economic Consequences Of Euro Land's Flame-Out

But most of NAMA's holdings are in Ireland, and that market remains weak.

WSJ: Ireland 'Bad Bank' Tries to Make Good With Sales

Executives at several American banks said they were reluctant to lend not only because of concerns about creditworthiness, but also because of the heavy paperwork involved in government guaranteed loans, their own weak capital bases, and a desire to limit their already considerable holdings of similar loans to other countries.

CENTERFORSECURITYPOLICY: Banks In US Shun A Loan To Moscow